VTA is facing potential budget deficits as it unanimously approved a $599 million budget for fiscal year 2025-26. With reserves expected to deplete by the mid-2030s, board members are urging a balance between cutting costs and generating new income. The agency is exploring diverse revenue sources, including transit-oriented developments, while current sales tax revenues may decline due to economic factors. A hiring freeze and potential furloughs are also on the table, aiming to preserve operational integrity without compromising public services.
Board members expressed serious concerns about the long-term financial picture, emphasizing that this is not just about expense reduction, but also about generating new income.
Greg Richardson emphasized the need for a strategic approach to avoid dependency on volatile sales tax revenue, stating that the agency is considering longer-term solutions for financial stability.
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